Where Intelligence Meets...

Where Intelligence Meets Infrastructure®

Baird’s 2016 Global Industrial Conference

November 8, 2016

NON-GAAP FINANCIAL MEASURES

In an effort to provide investors with additional information regarding the Company's results as determined by GAAP, the Company also provides non-GAAP information that management believes is useful to investors. These non-GAAP measures have limitations as analytical tools, and securities analysts, investors and other interested parties should not consider any of these non-GAAP measures in isolation or as a substitute for analysis of the Company's results as reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.

The Company presents adjusted net income, adjusted net income per share, adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin as performance measures because management uses these measures in evaluating the Company's underlying performance on a consistent basis across periods and in making decisions about operational strategies. Management also believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of the Company's recurring performance.

The Company presents net debt and net debt leverage as performance measures because management uses them in evaluating its capital management and the investment community commonly uses them as measures of indebtedness. The Company presents free cash flow because management believes it is commonly used by the investment community to measure the Company's ability to create liquidity.

The calculations of these non-GAAP measures and reconciliations to GAAP results are included as supplemental data in this presentation and have been posted online at www.muellerwaterproducts.com.

PAGE 2

FORWARD-LOOKING STATEMENTS

This presentation contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address activities, events or developments that we intend, expect, plan, project, believe or anticipate will or may occur in the future are forward-looking statements.

Forward-looking statements are based on certain assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions and expected future developments. Actual results and the timing of events may differ materially from those contemplated by the forward-looking statements due to a number of factors, including regional, national or global political, economic, business, competitive, market and regulatory conditions and the other factors that are described in the section entitled “RISK FACTORS” in Item 1A of our most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Undue reliance should not be placed on any forward-looking statements. We do not have any intent to update forward-looking statements, except as required by law.

PAGE 3

OUR BUSINESS AND PRIMARY END MARKETS

PORTFOLIO

Fire Hydrants Valves Metering SystemsPiping Component Systems Leak Detection and Pipe Condition Assessment

60% Repair and replacement of municipal water distribution and treatment systems

30% Residential construction*

90% Non-residential construction

5% Oil & gas

10% Natural gasutilities

5% Power/high pressure

* Driven primarily by new community development

FY2016 NET SALES: $1.1 BILLION

Net sales: $716mm Net sales: $338mm

100% Municipal spending

Net sales: $85mm

PAGE 4

Leading provider of water infrastructure and flow control products and services in North America

INVESTMENT HIGHLIGHTS

Improved results driven by strong incremental operating leverage as end markets recover

Leveraging Mueller brand and relationships to expand intelligent water technology offeringsLeading brands in water infrastructure and one of

the largest installed bases of iron gate valves and fire hydrants in the U.S.

Increased investment and improved operating efficiencies are needed in water infrastructure industry

Transformed Company by acquiring or developing new technologies, adjusting portfolio and improving processes

Strengthened Company’s balance sheet through debt restructuring, lower debt levels and ongoing focus on free cash flow

Industry-leading adjusted operating margins associated with Mueller Co. products

PAGE 5

BUSINESS PERFORMANCE: LONG-TERM TARGETS

TOP-LINE GROWTHMueller Co. growth of >5%

Mueller Technologies >15%

EARNINGS LEVERAGE

Mueller Co. adjusted EBITDA margins of 25% - 30%

Mueller Technologies adjusted EBITDA margins of 20%

Anvil adjusted EBITDA margins in mid-teens

OTHERFree cash flow greater than adjusted net income

Reducing working capital as a percentage of net sales

PAGE 6

BROAD PRODUCT PORTFOLIO

Note: All statistics are LTM ended September 30, 2016(1) Mueller Co. adjusted operating income and adjusted EBITDA exclude certain other charges totaling $3.0 million. Anvil adjusted operating income and adjusted EBITDA exclude certain other charges totaling $2.3 million. Mueller Technologies adjusted operating loss and adjusted EBITDA exclude other charges totaling $0.9 million.

Net Sales

Adjusted OperatingIncome(Loss)(1)

Depreciation & Amortization

Adjusted EBITDA(1)

Product and Services Portfolio

$ 715.7

162.3

34.2

196.5

Fire HydrantsIron Gate Valves

Butterfly, Ball & Plug Valves

$ 338.3

29.1

13.1

42.2

Cast Iron FittingsPipe Nipples

Fittings & CouplingsHangers & Supports

Metering SystemsLeak Detection and

Pipe ConditionAssessment

(5.4)

4.8

(10.2)

$ 84.9

$ in millions

PAGE 7

INTELLIGENT WATER TECHNOLOGY™

Mueller Water Products manufactures and markets products and offers services used in the transmission, distribution and measurement of safe, clean drinking water and in water treatment facilities. These products and services help utilities actively diagnose, monitor and controlthe delivery of safe, clean drinking water.

PAGE 8

WATER INFRASTRUCTURE LANDSCAPE

Company estimates based on internal analysis and information from trade associations and distributor networks, where available.

#1 PRODUCTPOSITION #1 PRODUCT

POSITION #1 PRODUCTPOSITION #2 PRODUCT

POSITION

PAGE 9

STRATEGY AND OBJECTIVES

Maintain leadership positions with customers and end users

Leverage the Mueller brand

Develop value-added products and services

Leverage distribution network

Improve customer service levels

Continue to enhance operational and organizational

excellence

Strengthen balance sheet

Implemented Lean Six Sigma

Consolidated plants

Divested U.S. Pipe

Acquire and invest in businesses and technologies that expand our portfolio or

allow us to enter new markets

Expand leak detection and pipe condition assessment domestically and internationally

Expand Intelligent Water Technology offerings

Develop fixed leak detection technology solutions

Enhance Advanced Metering Infrastructure (AMI) system with longer-range communications capabilities, remote disconnect meter and consumer portal

Capitalize on the large, attractive and growing water infrastructure markets worldwide

PAGE 10

SignificantMarketOpportunities

Source: U.S. Census Bureau

MARKET DRIVER: HOUSING STARTS

Homebuilders’ confidence is one driver of housing starts, and confidence could increase due to improving job growth in a key demographic for household

formation: Millennials

Source: NAHB, October 2016

Forecast: Blue Chip Economic Indicators, September 2016

NAHB Housing Market Index - National (1987 – October 2016) Seasonally Adjusted Annualized

Historical Housing Starts (1959 – September 2016) Seasonally Adjusted Annualized

Rates-Units in 000’s

1959 to 2015:Average 1,443

Bottom of prior cycle

April 2009 – lowest starts (499) since Census

Bureau began keeping record in 1959

2017 Blue Chip Consensus forecast of

1,280

PAGE 12

THE MARKET OPPORTUNITY IS SIGNIFICANT AND GROWING

Valves and fire hydrants are typically replaced at the same time as pipes

ASCE graded drinking water infrastructure a D(1)

At least 40 cities under consent decrees: Atlanta, Baltimore, Washington, D.C., Suburban Washington, D.C. (WSSC), New Orleans

(1) ASCE: 2013 Report Card for America’s Infrastructure(2) The EPA Clean Water and Drinking Water Infrastructure Gap Analysis 2002 (3) EPA 2013 Drinking Water Needs Survey and Assessment

PAGE 13

FUNDING WATER INFRASTRUCTURE REPAIR

PAGE 14

(1) Bureau of Labor Statistics(2) 2016 Strategic Directions: U.S. Water Industry – Black & Veatch(3) American Water Works Association 2014 Water and Wastewater Rate Survey(4) EPA Clean Water and Drinking Water Infrastructure

HISTORICAL WATER RATES COMPARED TO OTHER UTILITIES(1)

Long-term trends in consumer prices (CPI) for utilities (1953-2016)

TOP WATER INDUSTRY ISSUES(2)

UTILITY SOURCES OF FUNDING

Majority of utilities have service connection fees and/or capital recovery charges, with median fees of about $5,800(3)

CPI for water and sewerage maintenance increased 3.8% for 12 months ended September 2016 (1)

90% funded at local level(4)

Aging water and wastewater infrastructure

Justifying capital improvement programs

Managing capital costs

Managing operational costs

Resilience

CPI Utilities(NSA 1982-1984 = 100)

Information technology

GROWTH OPPORTUNITIES: SMART WATER

FACTORS AFFECTING MUNICIPAL WATER SYSTEMS

Water Conservation

• 27% of U.S. experiencing drought conditions(1)

• 240,000 water main breaks per year(2)

• Up to 30% of treated water is lost or unaccounted for(3)

• 1.7 trillion gallons lost per year at a national cost of $2.6 billion per year(4)

• Budget constraints

• Capital spending prioritization

(1) U.S. Drought Monitor – November 2016(2) EPA Aging Water Infrastructure Research Program(3) Navigant Research(4) National Geological Survey

Operational Efficiencies

Non-Revenue Water Customer Service Focus• Awareness/education

• Ongoing monitoring

• Sustainability

Mi.Data Consumer Portal

PAGE 15

MUELLER TECHNOLOGIES: SOLUTIONS FOR TODAY & TOMORROW

Smart Metering Leak Detection andPipe Condition Assessment

“In the wake of Flint, consumers appear more interested than ever in how their water supply is maintained and improved.” – Black & Veatch 2016 Strategic Directions in the U.S. Water Industry

Mueller Systems’ National Operations Center

INTELLIGENT WATER TECHNOLOGY™

• Longer-range AMI systems• Remote Disconnect

Meter (RDM)• Leak detection• Consumer portal

• Fixed transmission and distributionmain leak detection / monitoring

• Condition assessment420 RDM

Echologics’ acoustic fixed leak detection

Utilize Existing Infrastructure

PAGE 16

Leading domestic manufacturerof piping system components

Significant FY2016 net salesfrom #1 or #2 productpositions

Customer service capabilitiesfocused on quick delivery

Domestically manufactured and domestically and internationally sourced products

Network of over 1,000 distributors and 4,000 distributor locations

Track record of solid adjustedEBITDA margins

PAGE 17

ANVIL KEY MARKETS

Non-ResidentialConstruction

Oil & Gas

Power/HighPressure

Mechanical,Industrial &

Fire Protection

Oil & Gas

Power NeedDevelopment

90%

5%

5%

Mechanical and Industrial: Grooved, Iron/Steel Fittings, Staple Hangers, Pipe Nipples, Bull Plugs

Fire Protection: O-Lets,Grooved Fittings and Couplings, Iron Fittings, Staple Hangers, Pipe Nipples

Hammer Union, Swagesand Bull Plugs, Forged Steel Fittings, Pipe Nipples, Iron/Steel Fittings

Engineered Hangers

Victaulic, Ward, Erico, Bonney Forge,Westbrook

Victaulic, Ward, Tolco, Ceirco, Tyco

Kemper, C&C,Westbrook, Bonney Forge, Ward, Phoenix Capital

Lisega, Piping Tech, Bergen

KEY MARKETS % FY2016 NET SALES MARKET DRIVERS PRODUCTS KEY COMPETITORS

PAGE 18

MARKET DRIVER: NON-RESIDENTIAL CONSTRUCTION

The non-residential construction market is showing improvement

Source: IHS Data as of October 2016 Source: American Institute of Architects

Data as of September 2016

Non-Residential Construction (Real $ in Billions)

AIA Architectural Billing IndexDiffusion Index (> 50 = expansion)

PAGE 19

$291

$327

$337

$287

$236

$223

$223

$215

$218

$233

$ 249

$260

$266

$269

$0

$50

$100

$150

$200

$250

$300

$350

$400

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

$0

$20

$40

$60

$80

$100

$120

$140

$160

Oct

-92

Oct

-94

Oct

-96

Oct

-98

Oct

-00

Oct

-02

Oct

-04

Oct

-06

Oct

-08

Oct

-10

Oct

-12

Oct

-14

Oct

-16

MARKET DRIVER: OIL & GAS

Sales to the oil & gas market represented about 5% of Anvil’s FY2016 net sales

Source: Baker Hughes Data as of October 2016

Source: FactSetData as of October 2016

U.S. Land Based Rig Count Oil Price - WTI ($/bbl)

PAGE 20

0

500

1,000

1,500

2,000

2,500

Oct

-90

Oct

-92

Oct

-94

Oct

-96

Oct

-98

Oct

-00

Oct

-02

Oct

-04

Oct

-06

Oct

-08

Oct

-10

Oct

-12

Oct

-14

Oct

-16

Actions &BusinessResults

MANAGEMENT ACTIONS / INITIATIVES

Reduce costs and improveoperating leverage

Divested U.S. Pipe

Divested three non-core assets of Anvil

Implemented Lean Six Sigma and other manufacturing improvements:

• Increased production capacity without footprint expansion

• Lowered labor costs

Closed seven plants

Consolidated distribution centers and smaller manufacturing facilitiesat Anvil

Manage working capital andcapital expenditures to generate

free cash flow

Generated free cash flow of $105.7mm – history of strong free cash flow generation

Reduced debt by more than $600mm from September 30, 2008 through September 30, 2016

Pursue strategic growthopportunities by leveraging

the Mueller brand

Acquired leak detection and pipe condition assessment technologies

Developed fixed leak detection technology capabilities

Acquired and invested inAMI technology

Enhanced Smart Water offering with remote disconnect meter, integrated leak detection and longer-range communications capabilities

PAGE 22

HISTORY OF STRONG FINANCIAL PERFORMANCE

Net Sales

AdjustedEBITDA(1) and

Adjusted EBITDAMargin

(1) Mueller Co. adjusted EBITDA excludes purchase accounting adjustments of $52.9 in 2006, goodwill and other impairment charges of $818.7 in 2009 and other charges of $0.1 in 2010, $1.4 in 2011, $2.5 in 2012, $1.5 in 2013, $2.1 in 2014, $8.4 in 2015 and $3.0 in 2016.

Note: Mueller Co. 2002-2012 net

sales and adjusted EBITDA include

Mueller Technologies in

these years

PAGE 23

($ in millions)

$509

$536 $6

18 $664

$804

$756

$718

$547 $6

13

$606 $6

52

$632 $6

79

$702

$716

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

$131$139$167

$190

$248

$207$179

$101$131

$103$106$140

$167$184$197

25.7% 25.9% 27.0% 28.6%

30.8% 27.3%

24.9%

18.5% 21.3%

17.0% 16.2%

22.2% 24.5%

26.2% 27.5%

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

$393

$387 $4

31 $485 $5

35

$556 $595

$470

$347

$359

$372

$391

$401

$371

$338

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

$48 $38 $47$62 $73 $81 $94

$61$38 $48 $52 $55 $56 $45 $42

12.2% 9.8% 10.9%

12.8% 13.6% 14.6% 15.8% 13.0%

11.0% 13.2% 14.0% 13.9% 14.1%

12.2% 12.5%

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

(1) Anvil adjusted EBITDA excludes purchase accounting adjustments of $17.3 in 2006, goodwill impairment charges of $92.7 in 2009 and other charges of $0.4 in 2009, $0.5 in 2010, $1.2 in 2011, $0.3 in 2012, $0.1 in 2013, $0.9 in 2014, $0.7 in 2015 and $2.3 in 2016

Fiscal year ended September 30

Q4 CONSOLIDATED NON-GAAP RESULTSPleased that we continued to see margin expansion in all three of our businesses with a 7.6% increase in adjusted operating income

Mueller Co.’s domestic sales of valves, hydrants and brass products increased 4.4%. Mueller Co. again had strong margin improvement with adjusted EBITDA margin of 30.3%

Anvil’s net sales decreased 7.3% due to lower shipment volumes into the mechanical and oil & gas markets. Anvil's adjusted EBITDA margin increased 90 basis points

Mueller Technologies had meaningful operating improvement on essentially flat year-over-year net sales

Adjusted net income per share for the quarter was up 21.4%to $0.17

2016 adjusted net income per share increased about 25% to$0.49

7th consecutive year of operating margin expansion at MWP

2016 adjusted EBITDA margin of 17.4% - highest in our history

4Q16 results exclude certain charges totaling $1.7 million, $1.1 million net of tax

4Q15 results exclude certain charges totaling $0.6 million, $0.4 million net of tax

PAGE 24

Fourth Quarter 2016 2015

Net sales $ 302.5 $ 311.4

Adj. operating income $ 48.4 $ 45.0

Adj. operating margin 16.0% 14.5%

Adj. net income per share $ 0.17 $ 0.14

Adj. EBITDA $ 61.8 $ 59.9

Adj. EBITDA margin 20.4% 19.2%

$ in millions except per share amounts

DEBT STRUCTURENet debt leverage of 1.5x and net debt of $290.1 million at September 30, 2016, down from a peak of more than 6x

No significant required principal payments on outstanding debt before November 2021

No financial maintenance covenants with excess availability at the greater of $17.5 million or 10.0% of facility amount

• $169 million of excess availability (as measured using September 30, 2016 data)

DEBT STRUCTURE AT SEPTEMBER 30, 2016

$225 million

ABL AgreementExpires July 2021*

$500 million

Term Loan B LIBOR* + 325 bpsdue November 2021

* Subject to a floor of 75 bps

Debt Maturity (at 9/30/2016)$ in millions

Total Debt$ in millions

PAGE 25

* As amended July 2016

$1.549

$1,127 $1,101 $1.096

$740$692 $678

$623 $601$546

$489 $485

CAPITAL ALLOCATION

Acquisitions

Debt reduction

Share repurchases

Growth opportunities

Dividends

Free Cash Flow($ in millions)

PAGE 26

WHY INVEST IN MWA?

Water industry has fundamentally strong long-term dynamics

Driven by need for new and upgradedinfrastructure

Limited number of suppliers to end markets

Increasing public awareness of the importance of water infrastructure

Strong competitive position

Leading brand positions with large installed base

Leading municipal specification positions

Comprehensive distribution network and strongend-user relationships

Low-cost manufacturing operations using lost foam process for valves and hydrants

Strong operating leverage as end markets grow

Recovery of residential construction market

Increased municipal spending

Operational excellence initiatives

Leveraging strengths with emerging trends

Develop Intelligent Water TechnologyTM solutions

Grow proprietary fixed leak detection offerings domestically and internationally

Expand smart metering

Strategic acquisitions / partnerships

PAGE 27

Supplemental Data

SEGMENT RESULTS AND RECONCILIATION OF GAAP TO NON-GAAP PERFORMANCE MEASURES

PAGE 29

Quarter ended September 30, 2016

Mueller Co. AnvilMueller

Technologies Corporate Total(in millions, except per share amounts)

GAAP Results:Net sales $ 190.1 $ 86.9 $ 25.5 $ — $ 302.5

Gross profit $ 71.5 $ 25.8 $ 6.3 $ — $ 103.6Selling, general and administrative expenses 22.6 16.3 6.8 9.5 55.2Other charges — 0.8 0.4 0.5 1.7

Operating income (loss) $ 48.9 $ 8.7 $ (0.9) $ (10.0) 46.7Interest expense, net 5.6Income tax expense 14.6

Net income $ 26.5

Net income per diluted share $ 0.16

Capital expenditures $ 11.9 $ 2.3 $ 2.5 $ 0.1 $ 16.8

Operating margin 25.7% 10.0% (3.5)% 15.4%

Reconciliation of Non-GAAP performance measures to GAAP performance measures:

Net income $ 26.5Other charges 1.7Income tax benefit of adjusting items (0.6)

Adjusted net income $ 27.6

Weighted average diluted shares outstanding 163.9

Adjusted net income per diluted share $ 0.17


PAGE 30



Technologies Corporate Total

(in millions, except per share amounts)

Net income $ 26.5

Interest expense, net (1) 5.6

Income tax expense (1) 14.6

Operating income (loss) $ 48.9 $ 8.7 $ (0.9) $ (10.0) 46.7

Other charges — 0.8 0.4 0.5 1.7

Adjusted operating income (loss) 48.9 9.5 (0.5) (9.5) 48.4

Depreciation and amortization 8.7 3.2 1.3 0.2 13.4

Adjusted EBITDA $ 57.6 $ 12.7 $ 0.8 $ (9.3) $ 61.8

Adjusted operating margin 25.7% 10.9% (2.0)% 16.0%

Adjusted EBITDA margin 30.3% 14.6% 3.1% 20.4%

Reconciliation of free cash flow to net cash provided by operating activities:

Net cash provided by operating activities $ 71.5

Less capital expenditures (16.8)

Free cash flow $ 54.7

(1) We do not allocate interest or income taxes to our segments.


PAGE 31




GAAP results:Net sales $ 192.0 $ 93.7 $ 25.7 $ — $ 311.4

Gross profit $ 65.8 $ 25.5 $ 6.4 $ — $ 97.7Selling, general and administrative expenses 20.2 16.6 8.2 7.7 52.7Pension settlement 0.2 0.3 — — 0.5Other charges — — — 0.1 0.1


Net income $ 22.3




Reconciliation of non-GAAP performance measures to GAAP performance measures:

Net income $ 22.3Pension settlement 0.5Other charges 0.1Income tax benefit of adjusting items (0.2)Income tax asset valuation allowance 0.3





PAGE 32




Net income $ 22.3Pension settlement 0.5Other charges 0.1Income tax benefit of adjusting items (0.2)Income tax asset valuation allowance 0.3




Net income $ 22.3Interest expense, net (1) 5.8Income tax expense (1) 16.3

Operating income (loss) $ 45.4 $ 8.6 $ (1.8) $ (7.8) $ 44.4Pension settlement 0.2 0.3 — — 0.5Other charges — — — 0.1 0.1

Adjusted operating income (loss) 45.6 8.9 (1.8) (7.7) 45.0Depreciation and amortization 9.7 3.9 1.2 0.1 14.9

Adjusted EBITDA $ 55.3 $ 12.8 $ (0.6) $ (7.6) $ 59.9


Adjusted EBITDA margin 28.8% 13.7% (2.3)% 19.2%

Reconciliation of free cash flow to net cash provided by operating activities:Net cash provided by operating activities $ 68.6Less capital expenditures (11.2)




PAGE 33

Year ended September 30, 2016



GAAP Results:Net sales $ 715.7 $ 338.3 $ 84.9 $ — $ 1,138.9

Gross profit $ 250.7 $ 96.4 $ 17.2 $ — $ 364.3Selling, general and administrative expenses 88.4 67.3 27.4 35.7 218.8Pension settlement 2.2 0.5 — 13.9 16.6Other charges 0.8 1.8 0.9 4.8 8.3


Net income $ 63.9





Net income $ 63.9Pension settlement 16.6Other charges 8.3Income tax benefit of adjusting items (8.9)





PAGE 34




Net income $ 63.9Interest expense, net (1) 23.6Income tax expense (1) 33.1

Operating income (loss) $ 159.3 $ 26.8 $ (11.1) $ (54.4) 120.6Pension settlement 2.2 0.5 — 13.9 16.6Other charges 0.8 1.8 0.9 4.8 8.3


Adjusted EBITDA $ 196.5 $ 42.2 $ (5.4) $ (35.2) $ 198.1



Reconciliation of net debt to total debt (end of period):Current portion of long-term debt $ 5.9Long-term debt 479.2

Total debt 485.1Less cash and cash equivalents (195.0)

Net debt $ 290.1

Net debt leverage (net debt divided by adjusted EBITDA) 1.5x


Net cash provided by operating activities $ 145.1Less capital expenditures (39.4)




PAGE 35




GAAP results:Net sales $ 702.2 $ 371.1 $ 91.2 $ — $ 1,164.5

Gross profit $ 229.1 $ 101.1 $ 17.1 $ — $ 347.3Selling, general and administrative expenses 83.8 70.4 29.9 32.3 216.4Pension settlement 0.2 0.3 — — 0.5Loss on Walter receivable — — — 11.6 11.6Other charges 8.2 0.4 0.1 0.5 9.2

Operating income (loss) $ 136.9 $ 30.0 $ (12.9) $ (44.4) 109.6Interest expense, net 27.6Loss on early extinguishment of debt 31.3Income tax expense 19.8

Net income $ 30.9




Net income $ 30.9Pension settlement 0.5Loss on Walter receivable 11.6Other charges 9.2Loss on early extinguishment of debt 31.3Income tax benefit of adjusting items (19.8)Income tax valuation allowance 0.3





PAGE 36




Net income $ 30.9Interest expense, net (1) 27.6Loss on early extinguishment of debt 31.3Income tax expense (1) 19.8

Operating income (loss) $ 136.9 $ 30.0 $ (12.9) $ (44.4) 109.6Pension settlement 0.2 0.3 — — 0.5Loss on Walter receivable — — — 11.6 11.6Other charges 8.2 0.4 0.1 0.5 9.2


Adjusted EBITDA $ 184.1 $ 45.4 $ (8.6) $ (31.9) $ 189.0



Reconciliation of net debt to total debt (end of period):Current portion of long-term debt $ 6.1Long-term debt 482.9

Total debt 489.0Less cash and cash equivalents (113.1)

Net debt $ 375.9

Net debt leverage (net debt divided by adjusted EBITDA) 2.0x


Net cash provided by operating activities $ 87.8Less capital expenditures (37.5)



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